Wills permit you to turn your hard-earned assets into gifts for those you love, whether they are family, friends, or a charity. Assets are more than what is in your bank accounts; they include homes and other real estate, business interests, and personal property.
You may believe a written will is unnecessary because you have already told your loved ones what you want them to have, but this is not true. Dying without a will, called intestate, means your heirs will most likely engage in infighting. The court will follow California law and distribute your assets according to it, without your input and possibly at odds with what you wanted.
Thankfully, a Covina wills lawyer can help you memorialize your wishes. Call Amity Law Group today to speak with a knowledgeable estate planning attorney about creating a will.
Components of a Will
Every will is unique because the people adopting them have specific needs and wishes. However, some basic information is required in every will, including:
- Disclosing specific property, including heirlooms, and naming the beneficiaries who will inherit them
- Naming the executor and possibly a backup, the person who will work with the probate court to wind up the decedent’s estate and distribute assets to beneficiaries
- The disposition of real estate that is titled in only the decedent’s name
- If there are minor children and the decedent was a single parent, guardians can be named
- Instructions for the disposition of business interests if the business does not have a succession plan
- Instructions for a final resting place
The idea of death is daunting, and many people put off drafting a will because they do not want to think about it. A wills lawyer in Covina could offer compassionate guidance to complete this critical estate planning component.
Dying Intestate in California
Dying intestate leaves the courts to do the job the testator should have done by drafting a will. According to California Probate Code § 6401, a surviving spouse inherits the entire intestate estate if the decedent has no children, parents, siblings, or nieces and nephews.
A spouse receives one-half of the estate if there is only one child or no children, but a parent is alive, and one-third if more than one child outlives the parent. Other relatives, such as grandchildren and nieces and nephews, are also considered. Meet with a Covina wills attorney to discuss controlling assets and passing them to beneficiaries according to your wishes.
Not all Assets Are Conveyed by a Will
Wills do not convey property held in joint tenancy. If one spouse dies, the co-owner automatically becomes the sole owner of the family home.
Life insurance policies and retirement plans name beneficiaries, and they circumvent probate, as do bank accounts set up with a pay-on-death (POD) provision.
Testators cannot leave assets to beloved pets but can leave money to a trusted friend or family member for its care upon an owner’s death. A trust is also a credible way to circumvent probate, including caring for a pet. Talk to a lawyer in Covina who helps clients with their wills to explore estate planning options.
Let a Covina Wills Attorney Protect Your Family and Assets
Wills can be helpful for anyone, no matter the size of your estate. Smaller estates can take advantage of streamlined probate, and larger ones ensure your wishes as a testator are met through probate.
The best time to draft a will is now because the future is not guaranteed. If your circumstances change at any time on life’s journey, your will can be amended by adding codicils or redrafting. Consult with a Covina wills lawyer at Amity Law Group today for legal assistance with creating your last testament.
